Senior executives at Cendant Corp. are sitting on paper gains of more than $160 million from last month's repricing of stock options at the franchising and marketing giant, thanks to a sharp rise in the company's stock price.

Henry R. Silverman, Cendant's chairman and chief executive, has been the biggest winner, with his newly repriced options valued at about $44.5 million, based on Friday's closing price of $15 a share, up 56.25 cents, in New York Stock Exchange composite trading Friday. Cendant announced in late...